Estimating the Monthly Living Expenses for a Woman in Her 70s in Busan, Korea

Estimating the Monthly Living Expenses for a Woman in Her 70s in Busan, Korea

※ For women in their 70s, living expenses can vary greatly depending on factors such as health, housing, and lifestyle. Especially in a large city like Busan, housing and medical costs become significant components of the monthly budget. In this blog post, we will break down the monthly living expenses for a 70-year-old woman living in Busan, focusing on housing, food, transportation, medical costs, and more.

 

1. Housing Costs

Housing costs in Busan can vary significantly depending on the location. Central areas like Haeundae and Suyeong-gu tend to be more expensive, while suburban areas offer more affordable housing options.

• Monthly Rent: ₩500,000 ~ ₩1,200,000
  Estimated monthly rent in major Busan neighborhoods
• Jeonse Loan Interest: ₩200,000 ~ ₩400,000
  Interest payments for those living on a jeonse (deposit-based) lease
• Utilities: ₩100,000 ~ ₩200,000
  Including management fees, electricity, gas, and water

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2. Food Expenses

Maintaining a healthy diet is crucial for women in their 70s. While most meals may be prepared at home, dining out and delivery services also contribute to monthly living costs.

• Groceries: ₩300,000 ~ ₩500,000
  Monthly grocery shopping expenses for home-cooked meals
• Dining Out/Delivery: ₩100,000 ~ ₩300,000
  Estimated costs for occasional dining out or food delivery

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3. Transportation Costs

Busan offers a well-developed public transportation system, making it possible to live without owning a car. However, owning a car significantly increases transportation costs.

• Public Transportation: ₩50,000 ~ ₩80,000
  Monthly cost for using buses and subways
• Car Maintenance: ₩200,000 ~ ₩400,000
  For those who own a car, including fuel, insurance, and parking

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4. Communication Costs

In modern life, having a smartphone and internet connection is essential. Communication costs vary depending on the usage pattern, but the average monthly costs are estimated below.

• Mobile Phone Plan: ₩30,000 ~ ₩70,000
  Depending on data and call usage
• Internet & IPTV: ₩40,000 ~ ₩60,000
  For home internet and IPTV services

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5. Medical Expenses

Healthcare becomes an essential component of the monthly budget for women in their 70s. Regular health check-ups, medication, and hospital visits contribute to living costs.

• Health Insurance: ₩50,000 ~ ₩100,000
  Estimated monthly national health insurance contributions
• Medical & Pharmacy Costs: ₩50,000 ~ ₩200,000
  For routine medical check-ups, medication, and visits to clinics

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6. Leisure and Hobby Costs

Busan offers a variety of cultural and recreational activities. Leisure and hobby-related expenses contribute to enhancing the quality of life during retirement.

• Hobby & Exercise Costs: ₩50,000 ~ ₩150,000
  For hobby-related activities or gym memberships
• Cultural & Leisure Costs: ₩50,000 ~ ₩200,000
  For cultural activities such as movies, concerts, or café visits

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7. Miscellaneous Expenses

Other living costs such as personal hygiene, clothing, and household goods should also be factored into the monthly budget.

• Miscellaneous Expenses: ₩50,000 ~ ₩150,000
  For clothing, cosmetics, and household necessities

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8. Total Estimated Monthly Living Expenses

After calculating all these categories, the estimated monthly living expenses for a 70-year-old woman in Busan are as follows:

• Housing Costs: ₩800,000 ~ ₩1,800,000
• Food Expenses: ₩400,000 ~ ₩800,000
• Transportation Costs: ₩50,000 ~ ₩400,000
• Communication Costs: ₩70,000 ~ ₩130,000
• Medical Expenses: ₩100,000 ~ ₩300,000
• Leisure & Hobby Costs: ₩100,000 ~ ₩350,000
• Miscellaneous Expenses: ₩50,000 ~ ₩150,000

Total Estimated Monthly Expenses: ₩1,570,000 ~ ₩3,930,000

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Conclusion

For a 70-year-old woman living in Busan, the estimated monthly living expenses range from ₩1,570,000 to ₩3,930,000. Housing and medical costs make up a significant portion of the budget, and transportation costs depend largely on whether a car is owned. Managing these living expenses efficiently is key to ensuring a stable and enjoyable retirement.